USDC Stablecoin Issuer Circle Files for IPO on NYSE

USDC stablecoin issuer Circle Internet Group has officially filed to go public on the New York Stock Exchange through an initial public offering (IPO). According to a press release, Circle plans to offer a total of 24 million shares of its Class A common stock, which will trade on the New York Stock Exchange under the ticker CRCL. The stablecoin issuer will offer 9.6 million of the 24 million common shares, while its existing stakeholders will sell the remaining 14.4 million shares.  How Much Circle and Its Existing Stakeholders Will Raise  The press release suggested that each share could trade within a price range of $24 to $26. If the stock trades at $26, Circle could raise approximately $250 million through the offering, while its existing shareholders could receive roughly $374.4 million for their stake.  Circle has also granted underwriters a standard 30-day option to purchase up to 3.6 million additional shares to cover over-allotments. Roles of Top Financial Entities  Per the press release, three prominent financial institutions, including Goldman Sachs, J.P. Morgan, and Citigroup, will serve as the joint lead active bookrunners. Notably, the additional bookrunners also include Deutsche Bank Securities, Barclays, and Société Générale. Circle’s IPO co-managers include Santander, BNY Capital Markets, Needham & Company, Canaccord Genuity, and Oppenheimer & Co. Roberts & Ryan, Drexel Hamilton, Mischler Financial Group, Inc., and AmeriVet Securities will serve as junior co-managers.  Meanwhile, Circle confirmed it has filed a registration statement with the U.S. SEC relating to the IPO. With the registration still pending, Circle said it will not commence the sale of its common A stock or accept offers from interested investors.  Ark Invest to Buy $150M of Circle’s Shares  In an S-1 document filed with the SEC today, Circle disclosed that Cathie Wood’s Ark Invest is interested in purchasing up to $150 million of its common A stock.  With this $150 million offer, Ark Invest could acquire around 5,769,230 (5.76 million) units of Circle’s shares from the IPO. This estimate is based on the highest price target of $26, at which Circle plans to sell each share.

Rumors About Circle’s Potential Sale to Ripple or Coinbase The development comes amid reports that Ripple and Coinbase are pushing to acquire Circle. Last month, Bloomberg reported that Circle rejected Ripple’s initial offer of around $5 billion for being insufficient. Subsequent reports also suggested that Ripple increased its bid to roughly $11 billion.  Responding to the rumors, Circle refuted reports about its potential sale, emphasizing that its focus revolves around its long-term goals, which include going public.